Oil prices dive in Asian trade

SINGAPORE: Oil prices fell in Asian trade Wednesday after concerns over weak corporate earnings sent global stock markets tumbling, analysts said. New York's main futures contract, light sweet crude for delivery in May, slid 1.20 dollars to 47.95 dollars a barrel in afternoon trade after falling below the 50-dollar mark at the close of US trade on Tuesday. Brent North Sea crude for May delivery shed 1.08 dollars to 50.14 dollars. A weak showing on Wall Street and a stronger US dollar were among the factors pulling energy prices down, analysts said.